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I am considering filing for bankruptcy, but own a vacant piece…

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I am considering filing for...
I am considering filing for bankruptcy, but own a vacant piece of land and want to see if there is a way to protect my piece of land before the bankruptcy proceedings? I have owned this property for about ten years. Can I transfer the property to one of my children's name before I file? Or are there any other options I can consider? Thank you.
Submitted: 6 years ago.Category: Bankruptcy Law
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Answered in 19 minutes by:
3/5/2012
Bankruptcy Lawyer: WiseOwl58, Attorney replied 6 years ago
WiseOwl58
WiseOwl58, Attorney
Category: Bankruptcy Law
Satisfied Customers: 4,476
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If you transfer it to your children, or transfer for anyone else for less than fair market value, you would have to disclose it and your creditors would be able to access it for payment unless you wait at least two years before you file bankruptcy. It would be viewed as a "fraudulent transfer."

In California, you can have a wildcard exemption of roughly $20,000, meaning that you can keep roughly $20,000 of assets for any purpose, above the exemptions you get for your home, car, clothing and other personal property.

One idea might be to make the vacant land your residence, somehow, and include it under the homestead exemption for your residence.

Other than that, your best bet might be to make the transfer and then wait out the disclosure period, if you are able to wait a couple of years.
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